Monero developers are set to fork their network on March 9th to reduce the effectiveness of ASICs.
The hard fork will change Monero’s proof-of-work algorithm and reduce the hash rate capabilities of ASIC miners by a factor of more than 2.5.
Monero developers are set to fork their network on March 9th to reduce the effectiveness of ASICs. This move will significantly lower hash rate allowing small-scale mining operations running graphics processing units (GPUs) to compete favorably and make the network’s PoW algorithm less ASIC-friendly.
The details of the hard fork, as posted by Redditor by sech1, are as follows:
The fork will occur at block height 1,788,000.
The network upgrade will bring about changes to Monero’s PoW algorithm by adjusting blocksize.
Monero devs will activate the fork on the 0.13 branch.
The hard fork will stall the effectiveness of the ASIC miners. As per sech1, this new PoW algorithm will reduce the hash rate capabilities of ASIC miners by a factor of more than 2.5. There is another future hard fork that has been tentatively scheduled for October 2019.
Monero (XMR) Long Term Price Forecast
Monero (XMR) is currently in a bullish trend in its long-term outlook. The privacy-0oriented coin just celebrated the fifth year of its existence.
The bearish correction pushed the coin down to $63.55 in the demand area just how Bitcoinexchangeguide has predicted about a week ago.
Now, the online publication reports that the bulls have returned and this was announced with a large candle at $64.05.
XMR surged to $70.85 in the supply area, and this may be the high of the week.
Monero needs atomic swaps
We recently reported that Monero is at severe risk of being shut down. This comes amidst the huge scandal involving the BSV coin and Craig Wright.
The man keeps saying he’s Satoshi Nakamoto and the whole crypto space is sick and tired of hearing this.
A lot of people called him out for his fake claims, and Wright has been throwing lawsuit threats all over the place.
This led Changpeng Zhao to decide that it’s time to delist BSV from Binance and more important exchanges such as Kraken and ShapeShift followed his example.
The dangers of centralized exchanges basically mean that there’s a possibility that in the future, these will decide to ban digital assets such as Monero.
The reason would more than likely be a push coming from regulatory authorities.
A viable solution to prevent this from happening would be Monero to integrate the ability to atomic swapwithout the need of a centralized exchange.
If you haven’t heard of atomic swaps, well they imply the fact that transactions and trading from one currency to another are made are extremely high speeds without the need for validation coming from third parties.
A Beginner’s Guide to Monero
Monero is a leading privacy coin and currently the 12th largest cryptocurrency. Here’s a beginners guide to Monero written by Justin Ehrenhofer, the organizer of the Monero Community Workgroup.
In celebration of Monero’s five successful years since launch, I have put together a short introductory guide to Monero. Monero’s goal is beautifully simple: a usable cryptocurrency that functions as users expect. That includes protecting users from network attacks, large-scale surveillance, and being accessible anywhere.
Monero was founded on April 18, 2014, by an alias “thankful_for_today.” The project was a fair launch of the CryptoNote protocol. Although CryptoNote had many flaws, it was one of the best privacy solutions available at the time, and it attracted many developers and researchers. Shortly after the creation, the Core Team forked the project away from the original creator, who wished to continue the project in ways the rest of the community disagreed with.
Monero launched with poor mining code, relatively weak privacy, and many other limitations. Over the years, Monero has improved its protocol to make it more robust. Monero added RingCT for much better privacy, set minimum ring sizes, created a vulnerability response process, and implemented bulletproofs. Monero has built one of the largest open-source communities and the mindset of continual improvement to tackle future challenges.
Developers and Community
Monero has one of the most active development teams and community. Monero is stewarded by the Core Team, an unregistered organization that handles merge requests and maintains basic community infrastructure. Although the Core Team participates in discussions and helps set the vision, they do not make unilateral decisions. Decisions are usually made on Github issues, Github pulls requests and IRC meetings.
The community organizes into semi-autonomous workgroups based on function. Examples include the Community Workgroup, Research Lab, Malware Response Workgroup, Localization Workgroup, and Outreach Workgroup. Users are encouraged to join existing workgroups or to start their own. There is no shortage of work that the Monero project needs help with!
Users and developers are encouraged to ask questions on the Monero StackExchange. Monero has the third most active StackExchange site of any cryptocurrency, behind only Bitcoin and Ethereum. It’s a great resource, and we need the help of all our community members to answer questions.
Monero is unique in that it is not built on Bitcoin’s code. Instead, it began with the CryptoNote protocol, but it has changed so much over the years that it is essentially its own platform. Monero is by far the largest cryptocurrency built on this code. Monero provides its transaction privacy in three ways: hiding the receiver, sender, and amount. There is no way to send a Monero transaction that is completely public on-chain. Instead, users can share the view key with select parties to reveal details of the transaction if needed. This group can be as small or large as necessary.
Monero hides all addresses by using a stealth address system. Users essentially receive funds in one-time-use safety deposit boxes that only they can open. No other person knows which boxes are assigned to them or how much they hold (if anything).
Monero hides the sender by obscuring the source of funds. Ring signatures hide the true spent outputs (these boxes) among others in the blockchain. Furthermore, since these outputs are not associated with specific addresses, observers cannot tell what addresses these outputs are associated with either. Instead, nodes see that transactions are sent from possible sources of funds, which are themselves references to very little. Stealth addresses and ring signatures work together to hide the transaction graph effectively.
Monero hides the amount with ring confidential transactions (RingCT). RingCT is based on confidential transactions for Bitcoin. Despite its name, this technology merely hides the transaction amount, not all transaction details. Luckily, Monero’s other defenses come to the rescue.
Monero has an accessible proof of work mining algorithm that is mineable on CPUs and GPUs. It has an adaptive block size to accommodate large spikes in transaction volume without growing unnecessarily or being trapped in an arbitrary constraint. Monero supports pruning, allowing old transactions to be cut down to about two-fifths of their size. Monero’s privacy, security, and scaling are always improving.
Monero has many community resources, but one of the best is a free copy of Mastering Monero that I helped publish. This is a good introductory guide for beginners and developers. Those interested in jumping into the granular details can read Zero to Monero.
The Community Workgroup holds monthly Coffee Chats where users can ask questions and listen to the latest news. The Revuo covers the biggest events of the week.
I personally don’t recommend purchasing Monero as a speculative asset unless you’re willing to take on the volatility. However, you can purchase Monero on many exchanges including Circle, Poloniex, Binance, Bisq, Bitfinex, and Kraken. Make sure that your investment in Monero is also an investment in the community; consider supporting the fundamentals that give the asset value by donating to various community projects at the Community Crowdfunding System.
April Fundamental And Technical Outlooks For Monero (XMR)
Monero (XMR) is the leading privacy coin, and it holds a weight of 46.9%.
At the moment, XMR managed to surge by 50% in 2019 which is pretty impressive after the bearish market that dominated the whole 2018.
We recently addressed the main potential forces that are driving Monero’s popularity, and you can check them out in our previous article.
XMR, facing downside risk
Monero (XMR) keeps facing a lot of downside risk at the moment and this is because Bitcoin price surges which causes the Monero component of the crypto pair XMR/USD to be sold a lot during the past weeks.
SeekingAlpha says that this move is definitely killing any hopes of an immediate recovery for the price.
They made an analysis that’s focused on the expected market action for XMR/BTC in the future weeks.
The online magazine writes that Monero has been affected by the moment when the Ledger developers announced that there’s a bug in the Nano S Monero app.
This bug resulted in a client losing 1,680 XMR. More than that, the surge in BTC’s price dampened the price of XMR which they say has been struggling in the market.
The crypto community is waiting to see whether this year, XMR can find adoption as a faster and a more private alternative to the most important digital asset BTC.
In this section, the same online publication says that “the technical outlook for XMR/BTC starts on the weekly chart, where we see that the price candle has started to test the lower channel line once more, spurred on by BTC strength.”
Bitcoin’s surging price which has seen it breach the $5,400 mark against the USD, has put the XMR/BTC asset under severe pressure, according to the online magazine.
They continue to provide a few trade scenarios, and we recommend that you head over to the original article and check them out.